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Observers of an emerging startup ecosystem look for exits as a sign of maturity. Exits in the form of mergers and acquisitions (M&As) or IPOs give VCs a return on their investment. They can then launch new funds to invest in fresh startups. It completes the cycle of venture capital.

Indian tech IPOs are rare. So the approval given in September by SEBI to ecommerce firm Infibeam to raise Rs. 4,500 million (US$68 million) breaks new ground. So far in India, we’ve only seen sky-high valuations and mega funding rounds, not blockbuster IPOs.

Before Infibeam, listing and search services firm Justdial had a successful IPO in 2013 and travel firm MakeMyTrip listed on the Nasdaq in 2010.

But while an IPO may still be as rare in India, it’s been raining acquisitions. Industry body Nasscom had counted 65 acquisitions of startups by mid-October. Here are two of 11 acquisitions that shook up the startup ecosystem in India last year.

Ecommerce firm Snapdeal’s buyout of mobile top-up site FreeCharge for an estimated $400 million in April is the biggest acquisition in India to date.

Snapdeal had a number of other major acquisitions last year, including loans platform RupeePower, mobile tech firm Martmobi, artisanal marketplace Shopo, mobile app designer Letsgomo, etc. Amidst this churn in Indian ecommerce was